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Nifty outlook: 

A close near 17300 takes some momentum away and the MACDF crossover will have to wait. Favoured view expects the pull back to finish in the 17260-187 region, before resuming uptrend. A close above this region is important to maintain the 18115 trajectory. Else expectsub 17000 levels again, though a collapse is less likely.  

Derivative:

Nifty weekly contract has highest open interest at 17400 for Calls and 17000 for Puts while monthly contracts have highest open interest at 18000 for Calls and 16000 for Puts. Highest new OI addition was seen at 17350 for Calls and 17300 for Puts in weekly and at 17400 for Calls and 17300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 5.64%, increased future index shorts by 3.03% and in index options by -39.58% in Call longs, -28.10% in Call short, -37.84% in Put longs and -44.23% in Put shorts.  

USD-INR outlook:

Continued trades above 81.6, has kept the upside bias intact, refusing to set off on the anticipated downside move towards 80.95. Consequently, the upside room has improved with a potential for 82.5.  

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